Financial Accounting - Access
4th Edition
ISBN: 9781259958533
Author: SPICELAND
Publisher: MCG
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Chapter 11, Problem 11.8BE
Creative Sound Systems sold investments, land, and its own common stock for $40 million, $16 million, and $42 million, respectively. Creative Sound Systems also purchased
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Creative Sound Systems sold investments, land, and its own common stock for $40 million, $16 million, and $42 million, respectively. Creative Sound Systems also purchased treasury stock, equipment, and a patent for $22 million, $26 million, and $13 million, respectively. What amount should the company report as net cash flows from investing activities?
Carter Containers sold marketable securities, land, and common stock for $30 million, $15 million, and $40 million, respectively. Carter also purchased treasury stock, equipment, and a patent for $21 million, $25 million, and $12 million, respectively. What amount should Carter report as net cash from investing activities?
Carter Containers sold marketable equity securities, land, and common stock for $30 million, $15 million, and $40 million, respectively. Carter also purchased treasury stock, equipment, and a patent for $21 million, $25 million, and $12 million, respectively. What amount should Carter report as net cash from investing activities?
Chapter 11 Solutions
Financial Accounting - Access
Ch. 11 - 1.Identify and briefly describe the three...Ch. 11 - Prob. 2RQCh. 11 - Explain what we mean by noncash activities and...Ch. 11 - Why is it necessary to use an income statement,...Ch. 11 - Prob. 5RQCh. 11 - Prob. 6RQCh. 11 - Distinguish between the indirect method and the...Ch. 11 - Prob. 8RQCh. 11 - Prob. 9RQCh. 11 - 10.Explain how we report depreciation expense in...
Ch. 11 - Describe how we report a gain or loss on the sale...Ch. 11 - Prob. 12RQCh. 11 - Prob. 13RQCh. 11 - Prob. 14RQCh. 11 - Prob. 15RQCh. 11 - Prob. 16RQCh. 11 - Prob. 17RQCh. 11 - Prob. 18RQCh. 11 - Prob. 19RQCh. 11 - 20.Why do we exclude depreciation expense and the...Ch. 11 - Classify each of the following items as an...Ch. 11 - Prob. 11.2BECh. 11 - Prob. 11.3BECh. 11 - Prob. 11.4BECh. 11 - Prob. 11.5BECh. 11 - Prob. 11.6BECh. 11 - Prob. 11.7BECh. 11 - Creative Sound Systems sold investments, land, and...Ch. 11 - Prob. 11.9BECh. 11 - Prob. 11.10BECh. 11 - Prob. 11.11BECh. 11 - Prob. 11.12BECh. 11 - Electronic Superstores inventory increases during...Ch. 11 - Prob. 11.14BECh. 11 - Computer World reports income tax expense of...Ch. 11 - Prob. 11.1ECh. 11 - Prob. 11.2ECh. 11 - Determine proper classification (LO111) Analysis...Ch. 11 - Prob. 11.4ECh. 11 - Prob. 11.5ECh. 11 - Prob. 11.6ECh. 11 - Technology Solutions format for the statement of...Ch. 11 - Prob. 11.8ECh. 11 - Prob. 11.9ECh. 11 - Prob. 11.10ECh. 11 - Prob. 11.11ECh. 11 - Prob. 11.12ECh. 11 - Prob. 11.13ECh. 11 - Prob. 11.14ECh. 11 - The income statement for Electronic Wonders...Ch. 11 - Prob. 11.1APCh. 11 - Prob. 11.2APCh. 11 - Prob. 11.3APCh. 11 - Prob. 11.4APCh. 11 - Cyberdyne Systems and Virtucon are competitors...Ch. 11 - Prob. 11.6APCh. 11 - Prob. 11.7APCh. 11 - Prob. 11.8APCh. 11 - Prob. 11.1BPCh. 11 - Prob. 11.2BPCh. 11 - Prob. 11.3BPCh. 11 - Preparing statement of cash flowsindirect method...Ch. 11 - International Genetic Technologies (InGen) and The...Ch. 11 - Prob. 11.6BPCh. 11 - Prob. 11.7BPCh. 11 - Cash flows from operating activities for both the...Ch. 11 - Great Adventures (This is a continuation of the...Ch. 11 - Prob. 11.2APFACh. 11 - Prob. 11.3APFACh. 11 - American Eagle Outfitters, Inc. vs. The Buckle,...Ch. 11 - Prob. 11.5APECh. 11 - Prob. 11.6APIRCh. 11 - Written Communication Why cant we pay our...Ch. 11 - Prob. 11.8APEM
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- During 20X1, Craig Company had the following transactions: a. Purchased 300,000 of 10-year bonds issued by Makenzie Inc. b. Acquired land valued at 105,000 in exchange for machinery. c. Sold equipment with original cost of 810,000 for 495,000; accumulated depreciation taken on the equipment to the point of sale was 270,000. d. Purchased new machinery for 180,000. e. Purchased common stock in Lemmons Company for 82,500. Required: 1. Prepare the net cash from investing activities section of the statement of cash flows. 2. CONCEPTUAL CONNECTION Usually, the net cash from investing activities is negative. How can Craig cover this negative cash flow? What other information would you like to have to make this decision?arrow_forwardThompson Company sold a piece of equipment that had an original cost of 22,000 and a carrying value of 10,000 for 13,000 in cash. How would this information be reported on a statement of cash flows prepared using the indirect method?arrow_forwardAngel Corporation's accounting records and financial statements for 2021 is as follows: Cash paid to acquire machinery = P32 million; Retired share capital = P51 million; Proceeds from sale of land = P95 million; Gain from the sale of land = P50 million; Investment revenue received = P72 million; Cash paid to acquire office equipment = P85 million. In its statement of cash flows, the company should report net cash flows from investing activities of: a. P22 million outflows b. P50 million outflows c. P100 million inflows d. P28 million inflowsarrow_forward
- Carter Containers sold marketable equity securities, land, and common stock for $25.0 million, $14.5 million, and $45.0 million, respectively. Carter also purchased treasury stock, equipment, and a patent for $12.0 million, $23.5 million, and $13.6 million, respectively.Required: What amount should Carter report as net cash from investing activities?arrow_forwardMobile Video Systems sold land, investments, and issued their own common stock for $10 million, $15 million, and $20 million, respectively. Mobile Video also purchased treasury stock, equipment, and a patent for $1 million, $2 million, and $4 million, respectively. a. What amount should the company report as net cash flows from investing activities? (Negative value should be indicated by minus sign. Enter your answer in millions.) Net cash flow from investing activities million b. What amount should the company report as net cash flows from financing activities? (Negative value should be indicated by minus sign. Enter your answer in millions.) Net cash flow from financing activities millionarrow_forwardOn July 15, 2016, M.W. Morgan Distribution sold land for $35 million that it had purchased in 2011 for $22 million. What would be the amount(s) related to the sale that Morgan would report in its statement of cash flows for the year ended December 31, 2016, using the direct method? The indirect method?arrow_forward
- Carter Containers sold marketable equity securities, land, and common stock for $40.0 million, $13.5 million, and $35.0 million, respectively. Carter also purchased treasury stock, equipment, and a patent for $10.0 million, $22.5 million, and $14.6 million, respectively.Required: What amount should Carter report as net cash from financing activities?arrow_forwardClip Company had the following activities during the current year: Acquired shares in Paper Corporation for P1,200,000 Acquired a P2,000,000, 3-years certificate of deposit from a bank. During the year, Clip received P100,000 of interest. Collected dividends of P75,000 on share investments. Sold an equipment with a book value of P500,000. The company incurred a loss of P50,000. What amount should be reported as net cash used in investing activities?arrow_forwardADC Company provided the following information for 2022: Gain on sale of land - P25,000; Proceeds from sale of land - P800,000; Equipment purchased for cash - P675,000; Cash dividends declared - P200,000; Cash dividends paid - P160,000; Treasury share acquired for cash - P310,000; Carrying value of treasury shares sold - PP186,000; Loss on sale of treasury shares - P32,000. What is the net cash provided by investing activities?arrow_forward
- Sanders Awnings reported net income of $90 million. Included in that number were depreciation expense of $3 million and a loss on the sale of equipment of $2 million. Records reveal increases in accounts receivable, accounts payable, and inventory of $1 million, $4 million, and $3 million, respectively. What were Sanders’ cash flows from operating activities?arrow_forwardAngel Corporation's accounting records and financial statements for 2021 is as follows (P in millions): Cash paid to acquire machinery = P32; Retired share capital = P51; Proceeds from the sale of land = P95; Gain from the sale of land = P50; Investment revenue received = P72; Cash paid to acquire office equipment = P85. In its statement of cash flows, the company should report net cash flows from investing activities of: P22 million outflows P50 million outflows P100 million inflows P28 million inflowsarrow_forwardA company sold land, investments, and issued their own common stock for $11 million, $15 million, and $20 million, respectively. They also purchased treasury stock, equipment, and a patent for $2 million, $2 million, and $5 million, respectively. a. What amount should the company report as net cash flows from investing activities? (Negative value should be indicated by minus sign. Enter your answer in millions.) Net cash flow from investing activities: ___________ million b. What amount should the company report as net cash flows from financing activities? (Negative value should be indicated by minus sign. Enter your answer in millions.) Net cash flow from financing activities: ___________ millionarrow_forward
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